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Section 1: 10-Q (10-Q)

10-Q
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM
10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
                
to
                
Commission File Number:
000-10140
CVB FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
 
California
 
95-3629339
(State or other jurisdiction of
Incorporation or organization)
 
(I.R.S. Employer
Identification No.)
701 North Haven Ave., Suite 350
Ontario, California
 
91764
(Address of principal executive offices)   (Zip Code)
(909)
980-4030
(Registrant’s telephone number,
including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
   Trading Symbol(s)    Name of each exchange on which registered
Common Stock, No Par Value    CVBF    The Nasdaq Stock Market, LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes ☒    No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes ☒    No ☐
Indicate by check mark whether the registrant is a large accelerated filer, accelerated filer,
non-accelerated
filer or smaller reporting company, or emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act. (Check one):
 
  Large accelerated filer        Accelerated filer   
  Non-accelerated filer
       Smaller reporting company       
  Emerging growth company              
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).   Yes ☐    No
Number of shares of common stock of the registrant: 135,519,143 outstanding as of July 31, 2020.

Table of Contents
TABLE OF CONTENTS
 
PART I –
   FINANCIAL INFORMATION (UNAUDITED)      3  
ITEM 1.
   CONDENSED CONSOLIDATED FINANCIAL STATEMENTS      5  
     NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS      10  
ITEM 2.
   MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS      37  
   CRITICAL ACCOUNTING POLICIES      38  
   OVERVIEW      39  
   ANALYSIS OF THE RESULTS OF OPERATIONS      41  
   ANALYSIS OF FINANCIAL CONDITION      51  
   ASSET/LIABILITY AND MARKET RISK MANAGEMENT      65  
ITEM 3.
   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK      68  
ITEM 4.
   CONTROLS AND PROCEDURES      68  
PART II –
   OTHER INFORMATION      69  
ITEM 1.
   LEGAL PROCEEDINGS      69  
ITEM 1A.
   RISK FACTORS     
70
 
ITEM 2.
   UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS      71  
ITEM 3.
   DEFAULTS UPON SENIOR SECURITIES      71  
ITEM 4.
   MINE SAFETY DISCLOSURES      71  
ITEM 5.
   OTHER INFORMATION      72  
ITEM 6.
   EXHIBITS      72  
        73  
 
2

Table of Contents
PART I – FINANCIAL INFORMATION (UNAUDITED)
GENERAL
Cautionary Note Regarding Forward-Looking Statements
Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. Words such as “will likely result”, “aims”, “anticipates”, “believes”, “could”, “estimates”, “expects”, “hopes”, “intends”, “may”, “plans”, “projects”, “seeks”, “should”, “will”, “strategy”, “possibility”, and variations of these words and similar expressions help to identify these forward-looking statements, which involve risks and uncertainties. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to:
 
 
 
local, regional, national and international economic and market conditions and political events and the impact they may have on us, our customers and our assets and liabilities;
 
 
our ability to attract deposits and other sources of funding or liquidity;
 
 
supply and demand for commercial or residential real estate and periodic deterioration in real estate prices and/or values in California or other states where we lend;
 
 
a sharp or prolonged slowdown or decline in real estate construction, sales or leasing activities;
 
 
changes in the financial performance and/or condition of our borrowers, depositors, key vendors or counterparties;
 
 
changes in our levels of delinquent loans, nonperforming assets, allowance for credit losses and charge-offs;
 
 
the costs or effects of mergers, acquisitions or dispositions we may make, whether we are able to obtain any required governmental approvals in connection with any such mergers, acquisitions or dispositions, and/or our ability to realize the contemplated financial or business benefits or cost savings associated with any such mergers, acquisitions or dispositions;
 
 
the effects of new laws, regulations and/or government programs, including those laws, regulations and programs enacted by federal, state or local governments in the geographic jurisdictions in which we do business in response to the recent national emergency declared in connection with the
COVID-19
pandemic;
 
 
the impact of the federal CARES Act and the significant additional lending activities undertaken by the Company in connection with the Small Business Administration’s Paycheck Protection Program enacted thereunder, including risks to the Company with respect to the uncertain application by the Small Business Administration of new borrower and loan eligibility, forgiveness and audit criteria;
 
 
the effects of the Company’s participation in one or more of the new lending programs recently established by the Federal Reserve, including the Main Street New Loan Facility, the Main Street Priority Loan Facility and the Nonprofit Organization New Loan Facility, and the impact of any related actions or decisions by the Federal Reserve Bank of Boston and its special purpose vehicle established pursuant to such lending programs;
 
 
the effect of changes in other pertinent laws, regulations and applicable judicial decisions (including laws, regulations and judicial decisions concerning financial reforms, taxes, bank capital levels, allowance for credit losses, consumer, commercial or secured lending, securities and securities trading and hedging, bank operations, compliance, fair lending, the Community Reinvestment Act, employment, executive compensation, insurance, cybersecurity, vendor management and information security technology) with which we and our subsidiaries must comply or believe we should comply or which may otherwise impact us;
 
 
changes in estimates of future reserve requirements and minimum capital requirements based upon the periodic review thereof under relevant regulatory and accounting standards, including changes in the Basel Committee framework establishing capital standards for bank credit, operations and market risks;
 
 
the accuracy of the assumptions and estimates and the absence of technical error in implementation or calibration of models used to estimate the fair value of financial instruments or currently expected credit losses or delinquencies;
 
 
the sensitivity of our assets and liabilities to changes in market interest rates, or our current allowance for credit losses;
 
 
inflation, changes in market interest rates, securities market and monetary fluctuations;
 
 
changes in government-established interest rates, reference rates or monetary policies, including the possible imposition of negative interest rates on bank reserves;
 
 
the impact of the anticipated
phase-out
of the London Interbank Offered Rate (LIBOR) on interest rate indexes specified in certain of our customer loan agreements and in our interest rate swap arrangements, including any economic and compliance effects related to the expected change from LIBOR to an alternative reference rate;
 
 
changes in the amount, cost and availability of deposit insurance;
 
3

Table of Contents
 
 
disruptions in the infrastructure that supports our business and the communities where we are located, which are concentrated in California, involving or related to physical site access and/or communication facilities;
 
 
cyber incidents, attacks, infiltrations, exfiltrations, or theft or loss of Company or customer data or money;
 
 
political developments, uncertainties or instability, catastrophic events, acts of war or terrorism, or natural disasters, such as earthquakes, drought, the effects of pandemic diseases, climate change or extreme weather events, that may affect electrical, environmental and communications or other services, computer services or facilities we use, or that may affect our customers, employees or third parties with whom we conduct business;
 
 
our timely development and implementation of new banking products and services and the perceived overall value of these products and services by customers and potential customers;
 
 
the Company’s relationships with and reliance upon outside vendors with respect to certain of the Company’s key internal and external systems, applications and controls;
 
 
changes in commercial or consumer spending, borrowing and savings preferences or behaviors;
 
 
technological changes and the expanding use of technology in banking and financial services (including the adoption of mobile banking, funds transfer applications, electronic marketplaces for loans, block-chain technology and other banking products, systems or services);
 
 
our ability to retain and increase market share, to retain and grow customers and to control expenses;
 
 
changes in the competitive environment among banks and other financial services and technology providers;
 
 
competition and innovation with respect to financial products and services by banks, financial institutions and
non-traditional
providers, including retail businesses and technology companies;
 
 
volatility in the credit and equity markets and its effect on the general economy or local or regional business conditions or on the Company’s capital, assets, liabilities, or customers;
 
 
fluctuations in the price of the Company’s common stock or other securities, and the resulting impact on the Company’s ability to raise capital or make acquisitions;
 
 
the effect of changes in accounting policies and practices, as may be adopted from
time-to-time
by the principal regulatory agencies with jurisdiction over the Company, as well as by the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard-setters;
 
 
changes in our organization, management, compensation and benefit plans, and our ability to retain or expand our workforce, management team, key executive positions and/or our board of directors;
 
 
our ability to identify suitable and qualified replacements for any of our executive officers who may leave their employment with us, including our Chief Executive Officer;
 
 
the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings (including any securities, lender liability, bank operations, financial product or service, data privacy, consumer or employee class action litigation);
 
 
regulatory or other governmental inquiries or investigations, and/or the results of regulatory examinations or reviews;
 
 
our ongoing relations with our various federal and state regulators, including the SEC, Federal Reserve Board, FDIC and California DBO;
 
 
our success at managing the risks involved in the foregoing items; and
 
 
all other factors set forth in the Company’s public reports, including its Annual Report on Form
10-K
for the year ended December 31, 2019, and particularly the discussion of risk factors within that document.
Among other risks, the ongoing COVID-19 pandemic may significantly affect the banking industry and the Company’s business prospects. The ultimate impact on our business and financial results will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the pandemic, the impact on the economy, our customers and our business partners, and actions taken by governmental authorities in response to the pandemic.
The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements, except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.
 
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ITEM 1.     CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
CVB FINANCIAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share amounts)
(Unaudited)
 
    
       June 30,       

2020
   
  December 31,  

2019
 
Assets
    
Cash and due from banks
     $ 158,397       $ 158,310  
Interest-earning balances due from Federal Reserve
     1,768,886       27,208  
  
 
 
   
 
 
 
Total cash and cash equivalents
     1,927,283       185,518  
  
 
 
   
 
 
 
Interest-earning balances due from depository institutions
     38,611       2,931  
Investment securities
available-for-sale,
at fair value (with amortized cost of $1,618,811 at June 30, 2020, and $1,718,357 at December 31, 2019)
     1,676,067       1,740,257  
Investment securities
held-to-maturity
(with fair value of $638,950 at June 30, 2020, and $678,948 at December 31, 2019)
     613,169       674,452  
  
 
 
   
 
 
 
Total investment securities
     2,289,236       2,414,709  
  
 
 
   
 
 
 
Investment in stock of Federal Home Loan Bank (FHLB)
     17,688       17,688  
Loans and lease finance receivables
     8,402,534       7,564,577  
Allowance for credit losses
     (93,983     (68,660
  
 
 
   
 
 
 
Net loans and lease finance receivables
     8,308,551       7,495,917  
  
 
 
   
 
 
 
Premises and equipment, net
     51,766       53,978  
Bank owned life insurance (BOLI)
     226,330       226,281  
Accrued interest receivable
     29,842       28,122  
Intangibles
     38,096       42,986  
Goodwill
     663,707       663,707  
Other real estate owned (OREO)
     4,889       4,889  
Income taxes
     22,945       35,587  
Other assets
     132,353       110,137  
  
 
 
   
 
 
 
Total assets
     $ 13,751,297       $ 11,282,450  
  
 
 
   
 
 
 
Liabilities and Stockholders’ Equity
    
Liabilities:
    
Deposits:
    
Noninterest-bearing
     $ 6,901,368       $ 5,245,517  
Interest-bearing
     4,082,212       3,459,411  
  
 
 
   
 
 
 
Total deposits
     10,983,580       8,704,928  
Customer repurchase agreements
     468,156       428,659  
Other borrowings
     10,000       -  
Deferred compensation
     22,558       22,666  
Junior subordinated debentures
     25,774       25,774  
Payable for securities purchased
     162,090       -  
Other liabilities
     120,041       106,325  
  
 
 
   
 
 
 
Total liabilities
     11,792,199       9,288,352  
  
 
 
   
 
 
 
Commitments and Contingencies
    
Stockholders’ Equity
    
Common stock, authorized, 225,000,000 shares without par; issued and outstanding
135,516,316 at June 30, 2020, and 140,102,480 at December 31, 2019
     1,209,449       1,298,792  
Retained earnings
     712,145       682,692  
Accumulated other comprehensive income, net of tax
     37,504       12,614  
  
 
 
   
 
 
 
Total stockholders’ equity
     1,959,098       1,994,098  
  
 
 
   
 
 
 
Total liabilities and stockholders’ equity
     $ 13,751,297       $ 11,282,450  
  
 
 
   
 
 
 
See accompanying notes to the unaudited condensed consolidated financial statements.
 
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CVB FINANCIAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
(Dollars in thousands, except per share amounts)
(Unaudited)
 
    
    Three Months Ended    
June 30,
 
    Six Months Ended    
June 30,
    
2020
 
2019
 
2020
 
2019
Interest income:
        
Loans and leases, including fees
   $ 95,352     $ 101,843     $ 187,469     $ 201,530  
Investment securities:
        
Investment securities
available-for-sale
     8,449       10,118       18,498       20,763  
Investment securities
held-to-maturity
     3,660       4,426       7,658       8,951  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total investment income
     12,109       14,544       26,156       29,714  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends from FHLB stock
     214       298       546       630  
Interest-earning deposits with other institutions
     283       100       896       194  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest income
     107,958       116,785       215,067       232,068  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense:
        
Deposits
     2,995       4,093       7,119       7,964  
Borrowings and customer repurchase agreements
     261       1,377       740       2,987  
Junior subordinated debentures
     133       258       333       524  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest expense
     3,389       5,728       8,192       11,475  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income before provision for credit losses
     104,569       111,057       206,875       220,593  
Provision for credit losses
     11,500       2,000       23,500       3,500  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income after provision for credit losses
     93,069       109,057       183,375       217,093  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest income:
        
Service charges on deposit accounts
     3,809       5,065       8,585       10,206  
Trust and investment services
     2,477       2,452       4,897       4,634  
Bankcard services
     405       1,027       982       1,977  
BOLI income
     1,683       1,349       3,742       2,685  
Gain on OREO, net
     -       24       10       129  
Gain on sale of building, net
     -       -       -       4,545  
Gain on eminent domain condemnation, net
     -       5,685       -       5,685  
Other
     3,778       2,603       5,576       4,647  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total noninterest income
     12,152       18,205       23,792       34,508  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest expense:
        
Salaries and employee benefits
     28,706       28,862       59,583       58,164  
Occupancy and equipment
     5,031       5,427       9,868       10,851  
Professional services
     2,368       2,040       4,624       3,965  
Computer software expense
     2,754       2,756       5,570       5,369  
Marketing and promotion
     1,255       1,238       2,810       2,632  
Amortization of intangible assets
     2,445       2,833       4,890       5,690  
Acquisition related expenses
     -       2,612       -       5,761  
Other
     3,839       4,760       7,694       9,700  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total noninterest expense
     46,398       50,528       95,039       102,132  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings before income taxes
     58,823       76,734       112,128       149,469  
Income taxes
     17,192       22,253       32,517       43,346  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings
     $ 41,631       $ 54,481       $ 79,611       $ 106,123  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income:
        
Unrealized (loss) gain on securities arising during the period, before tax
     $ (1,280     $ 19,486       $ 35,338       $ 37,713  
Less: Income tax benefit (expense) related to items of other comprehensive income
     378       (5,761     (10,448     (11,149
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax
     (902     13,725       24,890       26,564  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
     $ 40,729       $ 68,206       $ 104,501       $ 132,687  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per common share
     $ 0.31     $ 0.39       $ 0.58       $ 0.76  
Diluted earnings per common share
     $ 0.31       $ 0.39       $ 0.58       $ 0.76  
See accompanying notes to the unaudited condensed consolidated financial statements.
 
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CVB FINANCIAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Dollars and shares in thousands)
(Unaudited)
Three Months Ended June 30, 2020 and 2019
 
   
Common
Shares
Outstanding
 
Common
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Balance, April 1, 2020
    135,511       $ 1,208,049       $ 694,931       $ 38,406       $ 1,941,386  
Repurchase of common stock
    (1     (28     -       -       (28
Exercise of stock options
    6       79       -       -       79  
Shares issued pursuant to stock-based compensation plan
    -       1,349       -       -       1,349  
Cash dividends declared on common stock ($0.18 per share)
    -       -       (24,417     -       (24,417
Net earnings
    -       -       41,631       -       41,631  
Other comprehensive income
    -       -       -       (902     (902
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, June 30, 2020
    135,516       $ 1,209,449       $ 712,145       $ 37,504       $ 1,959,098  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, April 1, 2019
    140,009       $ 1,294,093       $ 602,279       $ (5,445     $ 1,890,927  
Repurchase of common stock
    (3     (77     -       -       (77
Exercise of stock options
    136       1,917       -       -       1,917  
Shares issued pursuant to stock-based compensation plan
    -       952       -       -       952  
Cash dividends declared on common stock ($0.18 per share)
    -       -       (25,248     -       (25,248
Net earnings
    -       -       54,481       -       54,481  
Other comprehensive income
    -       -       -       13,725       13,725  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, June 30, 2019
    140,142       $ 1,296,885       $ 631,512       $ 8,280       $ 1,936,677  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2020 and 2019
 
    
Common
Shares
Outstanding
   
Common
Stock
   
Retained
Earnings
   
Accumulated
Other
Comprehensive
Income (Loss)
   
Total
 
Balance, January 1, 2020
     140,102       $ 1,298,792       $ 682,692       $ 12,614       $ 1,994,098  
Cumulative adjustment upon adoption of ASU
2016-13
     -       -       (1,325     -       (1,325
Repurchase of common stock
     (4,989     (92,430     -       -       (92,430
Exercise of stock options
     10       121       -       -       121  
Shares issued pursuant to stock-based compensation plan
     393       2,966       -       -       2,966  
Cash dividends declared on common stock ($0.36 per share)
     -       -       (48,833     -       (48,833
Net earnings
     -       -       79,611       -       79,611  
Other comprehensive income
     -       -       -       24,890       24,890  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance, June 30, 2020
     135,516       $ 1,209,449       $ 712,145       $ 37,504       $ 1,959,098  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance, January 1, 2019
     140,000       $ 1,293,669       $ 575,805       $ (18,284     $ 1,851,190  
Repurchase of common stock
     (36     (812     -       -       (812
Exercise of stock options
     145       2,057       -       -       2,057  
Shares issued pursuant to stock-based compensation plan
     33       1,971       -       -       1,971  
Cash dividends declared on common stock ($0.36 per share)
     -       -       (50,416     -       (50,416
Net earnings
     -       -       106,123       -       106,123  
Other comprehensive income
     -       -       -       26,564       26,564  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance, June 30, 2019
     140,142       $ 1,296,885       $ 631,512       $ 8,280       $ 1,936,677  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
See accompanying notes to the unaudited condensed consolidated financial statements.
 
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CVB FINANCIAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
 
    
    Six Months Ended    

June 30,
    
2020
 
2019
Cash Flows from Operating Activities
    
Interest and dividends received
     $ 202,574       $ 221,542  
Service charges and other fees received
     19,935       21,368  
Interest paid
     (7,840     (10,889
Net cash paid to vendors, employees and others
     (88,778     (106,919
Income taxes
     (28,810     (42,500
  
 
 
 
 
 
 
 
Net cash provided by operating activities
     97,081       82,602  
  
 
 
 
 
 
 
 
Cash Flows from Investing Activities
    
Net change in interest-earning balances from depository institutions
     (35,680     1,245  
Proceeds from repayment of investment securities
available-for-sale
     243,397       164,571  
Proceeds from maturity of investment securities
available-for-sale
     3,490       4,255  
Proceeds from repayment and maturity of investment securities
held-to-maturity
     71,597       51,690  
Purchases of investment securities
held-to-maturity
     (1,509     (37,110
Net increase in equity investments
     (3,040     (2,811
Net (increase) decrease in loan and lease finance receivables
     (821,352     247,450  
Proceeds on eminent domain condemnation, net
     -       5,685  
Proceeds from sale of building, net
     -       5,487  
Purchase of premises and equipment
     (1,550     (2,628
Proceeds from BOLI death benefit
     3,159       175  
Proceeds from sales of other real estate owned
     -       523  
  
 
 
 
 
 
 
 
Net cash (used in) provided by investing activities
     (541,488     438,532  
  
 
 
 
 
 
 
 
Cash Flows from Financing Activities
    
Net increase (decrease) in other deposits
     2,265,270       (112,317
Net increase (decrease) in time deposits
     13,382       (52,350
Net increase (decrease) in other borrowings
     10,000       (280,000
Net increase (decrease) in customer repurchase agreements
     39,497       (20,984
Cash dividends on common stock
     (49,668     (44,836
Repurchase of common stock
     (92,430     (812
Proceeds from exercise of stock options
     121       2,057  
  
 
 
 
 
 
 
 
Net cash provided by (used in) financing activities
     2,186,172       (509,242
  
 
 
 
 
 
 
 
Net increase in cash and cash equivalents
     1,741,765       11,892  
Cash and cash equivalents, beginning of period
     185,518       163,948  
  
 
 
 
 
 
 
 
Cash and cash equivalents, end of period
     $ 1,927,283       $ 175,840  
  
 
 
 
 
 
 
 
 
See accompanying notes to the unaudited condensed consolidated financial statements.
 
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Table of Contents
CVB FINANCIAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Dollars in thousands)
(Unaudited)
 
    
    Six Months Ended    

June 30,
    
2020
 
2019
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities
    
   Net earnings
     $     79,611       $     106,123